The Meaning of “Keren”: How a Torah Term for Horn Became the Word for Money and Principal

In several instances in the Torah, a sinner is required to pay both the principal (keren) and an additional fifth (chomesh) as restitution for wrongdoing. For example, someone guilty of misusing consecrated property, or swearing falsely over money must repay the original amount plus one-fifth more. If the loss was 1,000 shekels, the repayment totals 1,200 — as the Torah says: “He shall add a fifth to it.”

The meaning of chomesh (one-fifth) is obvious. But what exactly is keren? Literally, keren means “horn” — why does the Torah (and even modern Hebrew) use it to mean capital or principal sum?

Why Is Money Called a “Horn”?

The term appears not only in the Torah but also in early rabbinic writings. The Mishnah teaches: “These are the things whose fruits a person enjoys in this world, while the keren (principal) remains for him in the World to Come — honoring parents, acts of kindness, and bringing peace between people.” (Pe’ah 1:1)

One explanation connects keren to ancient money collection methods. The Mishnah in Shekalim describes horn-shaped charity boxes (shofarot) used in the Temple and throughout Israel. These containers had a narrow opening on top and a wide base below, similar to a ram’s horn. You could easily drop coins in, but retrieving them required breaking the vessel — much like today’s piggy bank.

Thus, keren symbolized the stored base of value, the principal that remains safe inside, producing “fruits” (interest or reward) over time.

The Curious Phrase “He Placed His Money on the Horn of a Gazelle”

A second Talmudic expression deepens the mystery: “He placed his money on the horn of a gazelle.” (Ketubot 13b)

In modern Hebrew, this phrase means “to risk one’s money” — but why? What does a gazelle’s horn have to do with financial danger?

The commentator Tosafot Yom Tov explains that the gazelle is known for its speed and agility. Putting money on its horn is as foolish as trying to chase a running deer to reclaim it — your wealth will vanish before your eyes. Others note that a gazelle periodically sheds its horns; if coins were somehow placed inside, they’d soon fall and be lost forever.

Still, it’s hard to imagine anyone literally placing coins inside an animal’s horn — the expression clearly functions as a vivid metaphor for financial recklessness.

A Brilliant Historical Twist — The Gazelle as a Messenger

A fascinating interpretation comes from the Ramban (Nachmanides) on the verse “Naphtali is a swift deer” (Bereishit 49:21). He explains that in ancient times, kings used trained stags as messengers. An antelope born in the north could be carried south, then released with a written message tied to its horn. The animal’s natural instinct would lead it home — effectively functioning as an early “gazelle mail service,” similar to carrier pigeons.

According to this view, the Mishnah’s phrase “placing money on the horn of a gazelle” means entrusting valuables to such a messenger — something clearly risky and unreliable. Even if letters could be sent this way, coins or treasure might easily fall and disappear.

From Horns to Banks — The Enduring Power of a Word

From Temple shofar collection boxes to gazelle couriers, the Hebrew word keren evolved into a powerful symbol of stored value and risk — both physical and spiritual.

In modern Hebrew, keren still means a financial fund, foundation, or principal, echoing its biblical and rabbinic roots: the solid “core” that endures while its “fruits” — dividends, interest, or merit, are enjoyed in this world.

Thus, when we speak today of keren hishtalmut (a savings fund) or keren kayemet (an eternal foundation), we’re echoing a word whose journey spans from the horns of the Temple to the banks of modern Israel, carrying with it a legacy of faith, prudence, and the wisdom of never putting your wealth “on the horn of a gazelle.”